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PPI Rally Stalls A Little Ahead Of Initial Resistance

GOLD

The dovish market re-pricing of Fed policy rate expectations and spill over into a weaker USD post-PPI boosts bullion prices to ~$2,058/oz last, showing nearly $30/oz higher on the day. Spot sits just off best levels after a limited showing above $2,060/oz.

  • The lack of ETF participation remains a focal point on the flow front and is a matter that both the sell-side and MNI have covered on many occasions in recent months.
  • Bulls target the nearby resistance cluster in the form of the Jan 5/Dec 28 highs ($2,064.0/$2,088.5/oz). A break above there would relieve some of the recent bearish technical pressure.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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